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Bitcoin surges toward $87,000 following weak US employment data
Bitcoin prices surged toward the $87,000 level following disappointing US employment data. The US Department of Labor reported that Nonfarm Payrolls increased by only 29,000 in September, significantly lower than the 89,000 expected. Additionally, the US unemployment rate rose from 4.1% to 4.2%.
This cooling of the labor market has fueled investor expectations that the Federal Reserve may not rush to implement further interest rate hikes. The market is also reacting to a rare ‘golden cross’ technical signal, where the 30-day moving average crossed above the 365-day moving average, an event that has occurred only five times in Bitcoin's history.
Despite the price rally, US spot Bitcoin ETFs saw a shift in momentum. After a nine-day streak of inflows totaling approximately $3 billion, the sector recorded $148.7 million in net outflows on September 30. Fidelity FBTC led these outflows with $125.6 million, while Bitwise BITB and BlackRock IBIT also saw net losses. Ethereum also participated in the market recovery, rising approximately 2% to reach $2,745.
Entities
Binance Research · Bitcoin · Bitfinex · BlackRock · Citigroup · CoinMarketCap · Coinbase · Ethereum · Federal Reserve · Fidelity · SEC · U.S. Federal Reserve
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Binance Research identifies technical signals and renewed Bitcoin spot ETF inflows as evidence of a potential trend reversal. livecoins.com.br
- [○ 1 SOURCE] The sustainability of Bitcoin's recovery depends on its ability to withstand pressure from rising US Treasury yields. livecoins.com.br
- [○ 1 SOURCE] Bitcoin is trading near US$ 83,000 as of October 1. www.moneytimes.com.br
- [● 3 SOURCES] US-based Bitcoin spot ETFs saw inflows totaling US$ 6.34 billion during the third quarter. www.moneytimes.com.br · www.tekedia.com · www.financemagnates.com
- [● 6 SOURCES] Bitcoin increased in value by approximately 43% during the third quarter. www.moneytimes.com.br · www.tekedia.com · www.financemagnates.com · www.soldionline.it · www.dunya.com · +1 more
- [● 2 SOURCES] Bitfinex analysts suggest that sustained Bitcoin price advances require stronger spot market demand to offset falling leverage. crypto.news
- [● 2 SOURCES] Bitcoin buyers successfully broke through a significant sell liquidity wall near $85,000. cointelegraph.com
- [● 2 SOURCES] Citigroup raised its 12-month price target for Bitcoin to $113,000. www.soldionline.it · exame.com
- [● 2 SOURCES] Bitcoin short liquidations exceeded $120 million within a 24-hour period during a recent rally. cointelegraph.com · www.newsbtc.com
- [● 2 SOURCES] US spot Bitcoin ETFs recorded US$ 148.7 million in net outflows on September 30. criptoinforme.com · cryptonews.com.au
- [● 7 SOURCES] Bitcoin was trading at approximately $86,347 during the reported period. gazeteyenisoz.com · www.konyapostasi.com.tr · www.cnbce.com · www.gazetepencere.com · www.borsaningundemi.com · +2 more
- [● 7 SOURCES] The global cryptocurrency market value rose 2.27% to $2.93 trillion in a 24-hour period. gazeteyenisoz.com · www.konyapostasi.com.tr · www.cnbce.com · www.gazetepencere.com · www.aksam.com.tr · +2 more